Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures were little changed Thursday night after the S&P 500 snapped a four-day losing streak.
Dow Jones Industrial Average futures fell 43 points, or 0.13%. S&P 500 and Nasdaq 100 futures fell 0.12% and 0.19%, respectively.
Boeing shares fell nearly 3% in extended trading after the company temporarily stopped delivery of its 787 Dreamliners over a fuselage problem.
During Thursday’s session, S&P 500 rose 0.53%. In the meantime, have Dow Jones Industrial Average scored 108.82 points, or 0.33%, while Nasdaq Composite rose 0.72 percent.
Even so, the major averages are headed for a losing week. The S&P 500 is down 1.64% through Thursday and is set for its worst week since Dec. 16. The Dow is down nearly 1.99% this week, heading for its fourth straight week of losses. The Nasdaq is 1.67% lower and on pace for its second negative week in three.
Investors continue to worry about the pace of future rate hikes amid conflicting economic signals. Although inflation remains high, the US consumer has continued to show strength.
“We’re still looking down the barrel of a gun that hasn’t settled on what the consumer might not be able to bear for the rest of the year, and what earnings are going to do for the rest of the year. And I think the stock market is overly optimistic,” said SoFi’s Liz Young on Thursday on CNBC’s “Halftime Report.”
On the economic front, investors expect January data on personal income and consumer spending to provide further insight into the US consumer; both figures come out on Friday before the clock.
Personal income is expected to have risen 1.2% last month, according to Dow Jones consensus estimates. That’s up from a 0.2% increase the previous month. Consumer spending is forecast to rise 1.4% in January, up from a 0.2% decline the previous month.
The personal consumption expenditure price index, also on Friday morning, is the Fed’s preferred measure of inflation.
Traders also expect new home sales data at 10 a.m. ET. Economists polled by Dow Jones expect new home sales to have increased 0.6% in January. That’s a smaller increase from the previous month’s 2.3% increase.